netrashetty
Netra Shetty
Organisational Structure of Federal Home Loan Mortgage Corporation : The Federal Home Loan Mortgage Corporation (FHLMC), known as Freddie Mac (OTCBB: FMCC), is a public government sponsored enterprise (GSE), headquartered in the Tyson's Corner CDP in unincorporated Fairfax County, Virginia.[3][4]
The FHLMC was created in 1970 to expand the secondary market for mortgages in the US. Along with other GSEs, Freddie Mac buys mortgages on the secondary market, pools them, and sells them as a mortgage-backed security to investors on the open market. This secondary mortgage market increases the supply of money available for mortgage lending and increases the money available for new home purchases. The name, "Freddie Mac", is an acronym of the company's full name that had been adopted officially for ease of identification (see "GSEs" below for other examples).
On September 7, 2008, Federal Housing Finance Agency (FHFA) director James B. Lockhart III announced he had put Fannie Mae and Freddie Mac under the conservatorship of the FHFA (see Federal takeover of Fannie Mae and Freddie Mac). The action has been described as "one of the most sweeping government interventions in private financial markets in decades".[5][6][7]
Moody's gave Freddie Mac's preferred stock an investment grade rating of A1 until August 22, 2008 when Warren Buffett said publicly that both Freddie Mac and Fannie Mae had tried to attract him and others. Moody's changed the credit rating on that day to Baa3, the lowest investment grade credit rating. Freddie's senior debt credit rating remains Aaa/AAA from each of the major ratings agencies Moody's, S&P, and Fitch.[8]
As of the start of the conservatorship, the United States Department of the Treasury had contracted to acquire US$1 billion in Freddie Mac senior preferred stock, paying at a rate of 10 percent a year, and the total investment may subsequently rise to as much as US$100 billion.[9]
Home loan interest rates may go down as a result and owners of Freddie Mac debt and the Asian central banks who had increased their holdings in these bonds may be protected. Shares of Freddie Mac stock, however, plummeted to about one U.S. dollar on September 8, 2008 and dropped a further 50% on June 16, 2010 when the Federal Housing Finance Agency ordered the stocks delisted.[10] In 2008, the yield on U.S Treasury securities rose in anticipation of increased U.S. federal debt
CEO
Charles Haldeman
Chairman of the Board
John Koskinen
Director
Clayton Rose*
Director
Robert Glauber
Director
Nicolas Retsinas
Director
Christopher Lynch
Director
Eugene Shanks
Director
Laurence Hirsch
Director
Linda Bammann
Director
Carolyn Byrd
Director
Anthony Williams
Strategy & Administration
MC
CFO
Ross Kari
COO
Bruce Witherell
Single Family Portfolio Man...
AR
Credit
RR
Single-Family Credit Guarant...
DB
Community Relations
Ralph Boyd
Legal
RB
Operations & Technology
Michael Perlman
Diversity
SB
Audit
TK
Enterprise Operational Risk
Gareth Davies
Investments & Capital Markets
PF
Enterprise Risk
PW
Compliance
JW
Corporate Relations & Housin...
DR
Default Asset Management
IB
Economics & Policy
EG
External Relations
HM
Human Resources
KG
Multifamily Sourcing
MM
Operations & Technology
Joseph Rossi
Single Family Sourcing
PM
The FHLMC was created in 1970 to expand the secondary market for mortgages in the US. Along with other GSEs, Freddie Mac buys mortgages on the secondary market, pools them, and sells them as a mortgage-backed security to investors on the open market. This secondary mortgage market increases the supply of money available for mortgage lending and increases the money available for new home purchases. The name, "Freddie Mac", is an acronym of the company's full name that had been adopted officially for ease of identification (see "GSEs" below for other examples).
On September 7, 2008, Federal Housing Finance Agency (FHFA) director James B. Lockhart III announced he had put Fannie Mae and Freddie Mac under the conservatorship of the FHFA (see Federal takeover of Fannie Mae and Freddie Mac). The action has been described as "one of the most sweeping government interventions in private financial markets in decades".[5][6][7]
Moody's gave Freddie Mac's preferred stock an investment grade rating of A1 until August 22, 2008 when Warren Buffett said publicly that both Freddie Mac and Fannie Mae had tried to attract him and others. Moody's changed the credit rating on that day to Baa3, the lowest investment grade credit rating. Freddie's senior debt credit rating remains Aaa/AAA from each of the major ratings agencies Moody's, S&P, and Fitch.[8]
As of the start of the conservatorship, the United States Department of the Treasury had contracted to acquire US$1 billion in Freddie Mac senior preferred stock, paying at a rate of 10 percent a year, and the total investment may subsequently rise to as much as US$100 billion.[9]
Home loan interest rates may go down as a result and owners of Freddie Mac debt and the Asian central banks who had increased their holdings in these bonds may be protected. Shares of Freddie Mac stock, however, plummeted to about one U.S. dollar on September 8, 2008 and dropped a further 50% on June 16, 2010 when the Federal Housing Finance Agency ordered the stocks delisted.[10] In 2008, the yield on U.S Treasury securities rose in anticipation of increased U.S. federal debt
CEO
Charles Haldeman
Chairman of the Board
John Koskinen
Director
Clayton Rose*
Director
Robert Glauber
Director
Nicolas Retsinas
Director
Christopher Lynch
Director
Eugene Shanks
Director
Laurence Hirsch
Director
Linda Bammann
Director
Carolyn Byrd
Director
Anthony Williams
Strategy & Administration
MC
CFO
Ross Kari
COO
Bruce Witherell
Single Family Portfolio Man...
AR
Credit
RR
Single-Family Credit Guarant...
DB
Community Relations
Ralph Boyd
Legal
RB
Operations & Technology
Michael Perlman
Diversity
SB
Audit
TK
Enterprise Operational Risk
Gareth Davies
Investments & Capital Markets
PF
Enterprise Risk
PW
Compliance
JW
Corporate Relations & Housin...
DR
Default Asset Management
IB
Economics & Policy
EG
External Relations
HM
Human Resources
KG
Multifamily Sourcing
MM
Operations & Technology
Joseph Rossi
Single Family Sourcing
PM
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